The Pros And Cons Of Raising Minimum Wage

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There's a large controversy on whether minimum wage should be raised or if it should be abolished. Personally, I don't believe that minimum wage should be abolished but I also don't think it should be raised. If it is raised, the prices of goods will go up and it will decrease motivation to get an education for a “high pay” job. If minimum wage is abolished then businesses will pay employees whatever they want and our economy could crash. If we raise minimum wage, the prices of certain goods will go up. Let's say the federal minimum wage was raised to $15 an hour. It was found that prices, let's say at a fast food restaurant, would increase by 4.3%. An item that once cost you $3 is now $3.12. Now that may not seem like a big difference but once you start adding everything up you will realize that things will get more expensive. The reason prices are more likely to rise than stay the same is because the business has to make up the extra money that was going into their business but now is being given to employees. If the businesses don't compensate for the higher cost of employees then they may risk losing money in the long run. …show more content…
If someone had the option to go to college and get a degree or just work somewhere that required a GED, but received the same amount of pay, most people are going to choose to not go to college. What would be the point of spending thousands of dollars on an education to get a job that pays the same as McDonald's? This would put competition on higher education jobs and low education jobs making high education jobs limited in employees and low education jobs scarce on space for